Revenue, R&D, and exports have all increased. BYD's annual report confirms that a solid technological foundation leads to steady and long-term growth.

In the past two years, automotive companies’ annual reports have increasingly resembled a tough competition; on the surface, it appears to be about sales, revenue, and profit, but in reality, it’s a contest of who has a more solid foundation. BYD this time showcased its R&D, exports, tax contributions, and cash reserves, which added a different highlight to the annual report. The message it conveys is very direct: technology lays the foundation for steady and long-term growth, not just a slogan.

In my opinion, what’s most worth discussing in this annual report is not just the impressive figures of 804 billion yuan in revenue and 4.6 million units sold, but the fact that during the most intense period of industry competition, it was still able to invest 63.4 billion yuan into R&D. More crucially, this R&D investment has already surpassed the net profit of 32.6 billion yuan, indicating that what it desires is not just to run fast in the short term, but to maintain that pace in the long run.

Currently, automakers are engaged in price wars, configuration battles, and pacing contests, but the ones that can truly sustain their path are those with technology, systems, and cash flow. BYD has 167.8 billion yuan in cash reserves, achieved overseas sales of 1.05 million units, and contributed 53.3 billion yuan in taxes domestically. When these aspects are viewed together, it becomes clear that it is not just excelling in isolated areas but that its overall capabilities are rising.

I have always believed that to judge whether a company has long-term potential, one must not only look at its popularity but also its stability. The value of BYD’s annual report lies here; it not only presents a visually appealing report card but also demonstrates the resilience, investment capability, and expansion potential that a leading enterprise should possess. Ultimately, technology lays the foundation for steady and long-term growth, and this may be the real message of this annual report.

Therefore, in my view, the focus of this annual report is not on “how beautiful the report card is,” but on the fact that it proves BYD is still moving forward at its own pace, and that pace is, for now, not disrupted.